With its great rise, this metaverse coin shared its tokenomic update, which it described as “big,” with users.
This metaverse coin announced that it will burn tokens
With the update they announced, GALA developers stated that they will burn 500 million GALA tokens for each quarter in 2023. They also stated that with the GALA contract, the tokens will be renewed so that they can be locked, burned and used in the Gala ecosystem.
In addition, it has been announced that changes will be brought to the halving mechanism in the GALA ecosystem. According to the changes, instead of the current time-based halving mechanism, a plan is created to introduce a mechanism so that halving occurs when a certain supply amount is reached.
The token burning mechanism is known as a common strategy used in the cryptocurrency market to reduce the total token supply and increase their value. However, the developers plan to burn 500 million GALA tokens every quarter, reducing the total circulating supply of tokens and making them rarer.
Bitcoin’s burning mechanism works differently from GALA’s. Bitcoin has no special mechanism for burning tokens. Instead the rarity is generated by the nature of the code. Bitcoin has a limited supply of 21 million coins. Also, as more BTC is mined, the remaining unmined BTCs will become increasingly rare. The rarity of BTC is further strengthened by the high probability that some BTC will be lost or forgotten over time. However, they make the remaining BTCs even rarer.
What does GALA do?
GALA is Gala Games’ core utility token. However, the token is the main token from which NFT items can be purchased. It is also the reward received by the founder’s node operators for running their nodes and is known as the Gas token used to cover network fees on Gala’s blockchain.
The Gala Games ecosystem is maintained through network nodes, which you must run at least 6 hours a day to qualify for GALA token rewards. These rewards help maintain and grow the network, as each node helps to host games. cryptocoin.com As we mentioned, GALA is trading at $0.05, up 13% in the last 24 hours.
To join the ecosystem, users must download and install the node software, which can be purchased through a Gala Games account. Eventually, network nodes become NFTs that can be sold on OpenSea and other NFT marketplaces.
Players can own NFTs created and influence the management of games in the Gala Games ecosystem. The Founder’s Node voting mechanism allows players to influence the development of games, new games, and other updates.
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